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Goldenport reassures with positive fleet update

Greek shipowner Goldenport intends to raise $75m in new equity to finance the acquisition of two modern dry-bulk vessels and five newly built fuel-efficient dry bulk vessels from Dragnis family, majority owners of the London-listed company.

Fully-listed Goldenport said it intended to use $61m of the cash proceeds for these vessels and assume debt of $95.5m.

The company, which is 58.8%-owned by the Dragnis family, has stated its aim of rebalancing the fleet in favour of small- to medium-sized dry bulk carriers.

All five of the Chinese-made newbuilds have three-year charters attached, with a 50-50 revenue share agreements if market rates exceed defined levels.

A trading update from the company also put out on Thursday showed it has contracted out almost two thirds of its current fleet for the coming year, more than double the amount two months ago.

As of April 2nd, 61% of the company's total fleet has been contracted out for 2014, compared to 26% when the company put out its final results at the beginning of February. For 2015, 4% of the fleet has been contracted.

Goldenport has also agreed the sale of its 1995 container vessel 'MSC Socotra' to an unaffiliated third party for $11.3m cash, realising a potential book profit of $3m to pay off debt and increasing liquidity.

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